按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年12月1日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 (1) 欧洲市场焦点 通胀温和的状态 可能在明年延续 本周主要地区 经济数据公布日程 奢侈品行业三季度 积极信号显现； 历峰集团；LVMH (2) 印度市场焦点 经济维持较高增速 但难有显著提升 股票 等待情绪反转； Eternal；Hindalco ETF iShares安硕核心 SENSEX印度ETF (3) 菲律宾市场焦点 腐败丑闻对政府支出和 家庭消费造成打击 股票 东盟最便宜的市场； 罗宾逊地产 ； 国际集装箱码头服务 ETF iShares安碩MSCI 菲律賓ETF 1 股票 上周环球 股市表现 美联储12月降息预期大幅反弹，全球股市上涨 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1: European Market Focus - Economic growth in the Eurozone is becoming balanced, but recovery remains weak. Manufacturing, services, and composite PMIs are generally better than expected, indicating the economy is in a recovery phase. However, external factors such as increased tariffs from the US and the appreciation of the Euro may suppress growth [12][18][22] - The European Central Bank (ECB) maintained its key interest rates in October, with a neutral stance and a more optimistic assessment of the economy. The ECB is not expected to adjust policy rates in the near future, as the inflation environment is considered stable [16][18] - Stocks in the European market show limited elasticity, with recommendations to focus on the defense sector. Adidas and Moncler are highlighted as key stocks, with Adidas showing strong quarterly performance but facing pressure due to slowing revenue growth in North America [22][24] Group 2: Indian Market Focus - Weak consumer sentiment is constraining economic growth in India. The household debt-to-GDP ratio is low at 43.1%, which may limit future growth. GST revenue growth has also slowed, indicating potential economic deceleration [30][32][34] - The Indian economy is expected to see real GDP growth rates of 6.3% in FY2026 and 6.2% in FY2027, with a potential interest rate cut by the Reserve Bank of India anticipated in December 2025 [32][34] - Key stocks to watch include Mahindra and Hindalco, with Mahindra expected to benefit from GST tax cuts boosting automotive demand, while Hindalco is positioned well in the aluminum sector due to supply disruptions [39][41] Group 3: Singapore Market Focus - The composite PMI in Singapore reached its highest level in 14 months, indicating a positive economic outlook. The Straits Times Index is supported by the 50-day moving average, with key stocks including Keppel Data Centres REIT and CapitaLand [45][47]

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年9月22日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) ETF iShares安碩 恒生科技ETF (2) 印度市场焦点 消费税下调 期望提振经济 股票 等待情绪反转； Mahindra； Varun Beverages ETF iShares安碩核心 SENSEX印度ETF 投资策略 每周投资策略 上周环球 大类资产表现 (1) 港股市场焦点 美联储降息旨在 避免经济滑向衰退 本周主要地区 经济数据公布日程 股票 预计本轮预防式降息利好 港股核心资产； 腾讯控股；阿里巴巴 资料来源：中信证券财富管理 (香港) 1 上周环球 股市表现 美联储降息，全球多个市场股市再创新高 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价* | 1周变动 | 1个月变动 | 3个月变动 | 1年 ...